A fresh equity fundraising round headed by July Ventures has secured $6.2 million for Pune-based internet lender Loantap. Current backers such as the Swapurna Family Office, Avaana Capital, Kae Capital, and 3one4 Capital also took part.
As part of the round, the company also raised $2.3 million in venture debt, bringing its total capital to about $26 million.
To increase its footprint in the healthcare finance market, LoanTap purchased Unofin, a fintech startup with a healthcare emphasis, in March 2023. Global investment firm Lighthouse Canton contributed Rs 24 crore ($2.9 million) to Loantap’s debt round that same year.
Established in 2016 by Satyam Kumar and Vikas Kumar, Loantap has shifted its focus from lending to consumers to small businesses like pharmacies and stationery stores. Instead of financing through its own balance sheet, the company now concentrates on finding unsecured consumer loans for NBFC partners after drastically reducing its portfolio.
According to Loantap, it currently serves close to 50,000 retail consumers in 26 locations with an annual disbursal run rate of Rs 600 crore. By FY26, it hopes to increase yearly payouts to Rs 900 crore. The organization offers credit lines that are mostly used for buying inventory from distributors and targets retailers with annual sales under Rs 20 lakh.
In order to help banks and NBFCs create and oversee loans to small businesses, Loantap has also developed a middleware technology platform. Currently, three financial institutions use this program.
The business made Rs 67.5 crore in revenue and lost Rs 12.7 crore at the end of FY24. After co-founder and CTO Vikas Kumar passed away in April 2024, the company is getting ready to promote a senior executive to co-founder and select a new CTO from within the current group.
